ForexLive North American Wrap: Chicago PMI still soft
Chicago PMI 49.9 vs 51.0 exp
Canadian Aug GDP -0.1% vs +0.2% exp
Sept ADP employment revised to 88K from 162K
Sandy cost estimates $30-$50B
Belguim GDP -0.3% y/y
Germany's Schaeuble: Progress but no deal on Greece
Eurogroup's Juncker: Greece must enact reforms before lending deal is made
Monti and parliament working out tax deal
Nexen review likely to be pushed back – RTRS
BOC's Carney: Slowdown in China may be ending
Cameron loses vote on EU budget
Non-farm payrolls to be released Friday, as expected
S&P 500 flat at 1413, down 2% on month
GBP leads, JPY lags
It was a disappointing day in terms of volatility after two days of stagnant markets. The Chicago PMI leaked and we had it first but the market was slow to react.
US dollar demand at the 1600 GMT fixing was biggest driver of the day. Afterwards, the dollar drifted back on most crosses.
An exception was EUR/USD, which was stuck at 1.2965.
I expect better action tomorrow with ADP, claims and pre-NFP positioning but that might be the optimist in me talking.
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